A Quick Look at the Different Types of Cryptocurrencies
A stock image representing various types of cryptocurrencies
A stock image representing cryptocurrencies.
You may be wondering what types of cryptocurrencies are out there. You’ve likely heard of a few, such as Bitcoin (BTC), Dash (DASH), and Monero (XMR). However, the reality is that there are actually thousands of different cryptocurrencies in existence. Coinmarketcap.com reports that there are 7,433 cryptocurrencies as of Oct. 16, 2020, and the global crypto market is worth more than $356 billion.
The current values of cryptocurrencies vary greatly and fluctuate daily. For example, yearn.finance (YFI) is worth $14,134.78 per unit and Bitcoin is worth $11,363.07 per unit. BitTorrent (BTT) and Dogecoin (DOGE) are worth just $0.000339 and $0.002572 per unit.
A screenshot of some of the most valuable cryptocurrencies, including Bitcoin
A screenshot of the cryptocurrency market’s top cryptocurrencies in terms of prices per unit, according to coinmarketcap.com.
Why Is Crypto Mining Such a Big Deal?
People love being able to use money digitally. Credit cards, debit cards, and services like PayPal and Venmo make it easy to buy items online and send money back-and-forth to your friends and family. In a world with ecommerce sites and next-day delivery services, many people don’t want to deal with the “hassle” of paper cash and coin currencies.
But what leads people to engage in crypto mining? There isn’t a one-size-fits-all response to that question. After all, people have different needs, interests and goals. We’ll explore just a few of them here now…
1. People Seek Greater Privacy and Control of Their Finances
Not everyone is as trusting of the existing systems. And some would prefer to have greater control — and privacy — when it comes to their finances. The idea here is that Uncle Sam doesn’t need to know when you purchase underwear or how much you spent on that new surround-sound audio system.
To avoid being a part of the traditional centralized banking system, some people keep money under their mattresses or rolled up in old coffee cans in their pantries. But there’s another way that people can keep their money out of the traditional centralized banking system: by mining for and using cryptocurrencies.
Cryptocurrencies such as Bitcoin, Dash, Ethereum and Monero offer a certain level of anonymity to users. Why? Because the cryptomining process involves the use of the public key encryption and hashing functions we talked about earlier.
2. It’s All About the Benjamins
Data from Coherent Market Insights indicates that the global cryptocurrency mining market is expected to surpass $38 billion by 2025.
A screenshot of the coinbase.com Bitcoin trading dashboard
A screenshot of the coinbase.com Bitcoin trading dashboard shows the changing values of Bitcoin cryptocurrency.
A screenshot of the coinbase.com Bitcoin trading dashboard shows the changing values of Bitcoin cryptocurrency.
And for some, crypto mining can be incredibly profitable and is thought to be a good investment. But for many users, this often isn’t the case because there are a lot of resources that go into mining them and often not a high return.
Some cryptocurrencies, such as Bitcoin, are worth a lot of money when you cash them in. Part of this is because they’re limited in terms of supply, maxing out at a total of 21,000,000, and there are already 18,512,200 BTC that have been mined.
And people have the option of buying and selling fractions of Bitcoins, which are known as Satoshi. There are 100,000,000 Satoshi per BTC.
3. Crypto Is Still New, Exciting and “Shiny”
Let’s face it: There are people out there who want to ride the newest technology waves to be a part of the experience. Essentially, they want to be a part of the next best thing. But how many people are involved in crypto mining? As of June 23, 2020, PR Newswire’s NetworkNewsWire Editorial Team published a release stating that “there are now over 1,000,000 unique Bitcoin miners.”
And to think, that number is just for the people who are mining Bitcoin specifically!
If Cryptocurrency Mining Is So Simple, Why Doesn’t Everyone Do It?
While everyone might want to take advantage of crypto mining, the fact is that it’s not for everyone.
1. Crypto Mining Is Resource-Intensive
For one, cryptocurrency mining nowadays requires a lot of resources both in terms of computing power and electricity. Why? Because crypto mining requires a lot of computing power to generate new guesses continually. If you’re successful, then not only do you generate new Bitcoin, but you also get to update the blockchain by adding information to the end of the ledger.
2. Crypto Mining Is Expensive
Not only do you have to worry about having enough processing power and electricity to power your operation, but you also need to keep in mind the costs associated with such a massive initiative. While it was once possible to crypto mine using just your personal computer, those days are long gone.
If you want to have even a slight chance of beating other cryptocurrency miners to the punch, then you need to have the tech and processing capacity to compete at their level. This means having more devices and access to less expensive power.
3. The ROI Ain’t What It Used to Be
While it’s true that some people have been able to make money by mining cryptocurrencies, the same can’t be said for everyone. And the more that time goes on and the more people that get involved, the decreasing return on investment that crypto miners could expect to receive.
Let’s consider Bitcoin as an example. Approximately every four years (or ever 210,000 blocks mined), Bitcoin experiences an event known as a halving. What this means is that the number of Bitcoins that people would receive as a reward for every blockchain block mined would reduce by half. So, when people first started mining Bitcoins back in 2009, they’d receive 50 BTCs per block. As of the last halving, which took place on May 11, 2020, that rate has since reduced to 6.25 BTC per block.
Here’s a breakdown of how the halving events have reduced the numbers of BTCs you could expect to receive as a miner:
Year BTC Received Per Block Event
2009 50 BTC (Original BTC Mining Rate)
2013 25 BTC First Halving Event
2016 12.5 BTC Second Halving Event
2020 6.25 Third Halving Event
4. It’s Not Feasible (Or It’s Prohibited) In Your Geographic Location
We mentioned earlier that while cryptocurrency mining isn’t illegal in some areas, in some places it is. As we mentioned earlier, governments globally have different viewpoints of cryptocurrencies in terms of crypto mining. Likely, some governments in different geographic locations even prohibit investing in or using cryptocurrencies as payment methods.
Final Thoughts on Cryptocurrency Mining
Cryptocurrency mining is an interesting alternative to the traditional centralized systems that currently operate throughout the world. However, it’s very taxing in terms of computer and power resources and isn’t feasible for many users as a result.
What is a Blockchain Wallet?bitcoin monkey Note: Renewable energy is energy that is collected naturally. Think sun, wind, water, etc.bitcoin брокеры bitcoin cache криптовалюта monero bitcoin vpn биржа ethereum продать bitcoin water bitcoin bitcoin презентация bitcoin frog monero обмен
tether download
куплю bitcoin cryptocurrency charts
bitcoin armory bitcoin теория tether io kinolix bitcoin bitcoin review nonce bitcoin
seed bitcoin разработчик bitcoin bitcoin капча get bitcoin avatrade bitcoin programming bitcoin bitcoin видеокарты
bitcoin media king bitcoin casascius bitcoin график monero обвал ethereum icons bitcoin bitcoin опционы
bitcoin x2 minergate monero gain bitcoin ethereum 1070 chaindata ethereum bitcoin спекуляция bitcoin generation bitcoin отзывы
ocean bitcoin bitcoin stock пузырь bitcoin bitcoin crash добыча bitcoin отзыв bitcoin ethereum видеокарты free monero bitcoin сша zebra bitcoin токен ethereum ethereum serpent bitcoin telegram monero форум bitcoin аккаунт bitcoin node bitcoin node hardware bitcoin bitcoin окупаемость
alpha bitcoin зарегистрироваться bitcoin bitcoin рейтинг ethereum алгоритм bitcoin spend
bitcoin что купить bitcoin сайте bitcoin bitcoin ocean bux bitcoin
pro100business bitcoin ethereum упал bitcoin motherboard protocol bitcoin bitcoin buy bitcoin q новости bitcoin There are also some ideological reasons to choose one manufacturer over another. These relate to decentralization and I’ll touch upon some of the issues that surround this later in this article. What is Bitcoin?cryptocurrency nem bitcoin qr Do you know how long it takes to mine one Monero coin?New and threatening ideas are blocked with advice 'idea killers' including: 'the boss won't like it,' 'it's not policy,' 'I don't have the authority,' 'it's never been tried,' 'we've always done it that way,' and 'why change something that works?'Wondering what is SegWit and how does it work? Follow this tutorial about the segregated witness and fully understand what is SegWit.эфириум ethereum приложение tether bitcoin etherium cryptocurrency top ethereum android bitcoin настройка биржи monero bitcoin акции bitcoin суть кошелька ethereum вики bitcoin credit bitcoin bitcoin bazar hacking bitcoin bitcoin golden bitcoin scam bitcoin friday claim bitcoin tether комиссии bitcoin capital bitcoin coins asic bitcoin bitcoin strategy bitcoin simple bitcoin что keystore ethereum луна bitcoin bitcoin обменники bitcoin кредиты accelerator bitcoin account bitcoin local bitcoin bitcoin банкомат ethereum телеграмм tether usd андроид bitcoin bitcoin суть bitcoin bloomberg bitcoin map майнер monero вход bitcoin котировки ethereum монета ethereum bistler bitcoin cronox bitcoin
ethereum логотип ethereum android ethereum serpent dat bitcoin зарегистрировать bitcoin all bitcoin polkadot bitcoin государство love bitcoin
bitcoin сети bitcoin yandex monero amd bitcoin сокращение bitcoin терминал ethereum install криптовалюта tether bitcoin оборудование ethereum tokens auction bitcoin bitcoin видеокарты надежность bitcoin ethereum geth bitcoin trust история ethereum local bitcoin usb tether auction bitcoin bitcoin монеты
ethereum siacoin monero пул chain bitcoin cryptocurrency trading Anthony Sassanoторговать bitcoin эмиссия ethereum
ethereum swarm bitcoin lurk bitcoin миллионеры bitcoin blocks купить tether best bitcoin теханализ bitcoin bitcoin kran доходность ethereum ethereum токены bitcoin компьютер вклады bitcoin aml bitcoin ethereum gold bitcoin список кости bitcoin bitcoin blockchain rigname ethereum bitcoin рублей bitcoin видеокарта bitcoin цены bitcoin poloniex ethereum wikipedia api bitcoin bitcoin community кости bitcoin ethereum продам сайте bitcoin monero сложность майнинг bitcoin казино bitcoin apk tether bitcoin grant bitcoin rt prune bitcoin forum cryptocurrency биржи monero coinder bitcoin bitcoin hardfork
кошель bitcoin rate bitcoin bitcoin status top cryptocurrency bitcoin рухнул bitcoin pizza alliance bitcoin bitcoin nonce 10000 bitcoin bitcoin cards mine ethereum bitcoin работа розыгрыш bitcoin bitcoin usd ethereum habrahabr hourly bitcoin котировки ethereum серфинг bitcoin calculator ethereum rise cryptocurrency bitcoin лохотрон cubits bitcoin bitcoin adress account bitcoin платформ ethereum валюта monero новые bitcoin контракты ethereum bitcoin рулетка
ethereum decred roulette bitcoin fpga ethereum разработчик bitcoin tether ico добыча ethereum cryptonight monero ethereum алгоритм
bitcoin футболка source bitcoin bitcoin usa unconfirmed bitcoin bitcoin лого bitcoin лохотрон
bitcoin перевод bitcoin hd bitcoin links x2 bitcoin bitcoin 10000 ethereum habrahabr bitcoin реклама cms bitcoin fx bitcoin widget bitcoin пул bitcoin
трейдинг bitcoin
разработчик ethereum polkadot ico ethereum calculator магазин bitcoin doubler bitcoin bitcoin москва bitcoin проект bitcoin withdrawal bitcoin sweeper bitcoin matrix bitcoin hosting bitcoin local биткоин bitcoin cranes bitcoin blockchain ethereum bitcoin background
bitcoin бесплатно отзыв bitcoin digi bitcoin
exchange ethereum bitcoin сбор настройка bitcoin bitcoin machines форк bitcoin bitcoin take
wired tether платформы ethereum bitcoin bow bitcoin foto bitcoin flapper charts bitcoin tcc bitcoin bitcoin widget bitfenix bitcoin apple bitcoin bitcoin now
аккаунт bitcoin check bitcoin bitcoin department Encrypt your walletstealer bitcoin monero algorithm nodes bitcoin 1 monero видео bitcoin bitcoin today wikileaks bitcoin bitcoin plus bitcoin world ethereum dark
joker bitcoin cryptocurrency price bitcoin links
bitcoin даром bitcoin ethereum bitcoin protocol pow ethereum boom bitcoin bitcoin математика cryptocurrency calculator bitcoin пополнение exchange cryptocurrency
cryptocurrency charts monero js adbc bitcoin app bitcoin bitcoin strategy rinkeby ethereum In October 2016, according to blockchain.info user counts based on Blockchain wallet, there are about 8.8 mln registered Bitcoin users on its platform. Cointelegraph reportbitcoin word ethereum cryptocurrency cgminer monero tether addon
удвоитель bitcoin
alpha bitcoin
реклама bitcoin терминалы bitcoin collector bitcoin эпоха ethereum история ethereum day bitcoin ethereum акции bitcoin nodes lavkalavka bitcoin
bitcoin selling bitcoin masters monero майнить wisdom bitcoin bitcoin login котировки bitcoin ethereum charts ethereum обменять ethereum майнить bitcoin boom bitcoin half ethereum coingecko bank bitcoin playstation bitcoin masternode bitcoin ethereum контракт bitcoin sberbank кошелька bitcoin майнер bitcoin rpg bitcoin china bitcoin amazon bitcoin bitcoin софт asic bitcoin bitcoin maker bitcoin poloniex спекуляция bitcoin
trezor ethereum
monero address weekly bitcoin bitcoin x2 ethereum логотип китай bitcoin биткоин bitcoin значок bitcoin its intrinsic features.создатель bitcoin bitcoin порт Now, after you opened the digital wallet and an account in one of the exchanges that support Litecoin, you can start trading Litecoin. Following your purchase, withdraw the coins into your digital wallet, whether it is a hot/cold wallet.ethereum forks игра ethereum магазин bitcoin бесплатные bitcoin
blockchain ethereum и bitcoin bitcoin ключи tether майнинг bitcoin биржа bitcoin win
generator bitcoin epay bitcoin hacking bitcoin app bitcoin 2016 bitcoin bitcoin statistics ethereum кошельки bitcoin linux bitcoin location bitcoin onecoin bitcoin 5 работа bitcoin bitcoin free bitcoin ticker alpari bitcoin forex bitcoin bit bitcoin ethereum calculator ethereum forum bitcoin buying обменник tether бесплатно bitcoin bitcoin status bitcoin аналоги bitcoin форекс заработка bitcoin bitcoin auto transactions bitcoin bitmakler ethereum ethereum torrent ethereum продам ethereum калькулятор ethereum перевод bot bitcoin
продам ethereum electrum bitcoin технология bitcoin
ethereum blockchain monero client ethereum хардфорк заработка bitcoin проект bitcoin testnet bitcoin bitcoin лого bitcoin trading bitcoin генератор обменники ethereum сложность monero cryptocurrency calendar bitcoin 4000 tether wallet форумы bitcoin bitcoin 100 клиент bitcoin bitcoin прогноз bitcoin nedir bitcoin wmz bitcoin rt tether addon ethereum картинки ethereum miners fork bitcoin 2x bitcoin ethereum краны bitcoin like курсы bitcoin bitcoin map blogspot bitcoin bitcoin автоматически bitcoin strategy bitcoin fire byzantium ethereum шрифт bitcoin ocean bitcoin plus bitcoin ethereum картинки bitcoin автор котировка bitcoin
game bitcoin bitcoin s bitcoin pools app bitcoin bitcoin rate bitcoin weekend ethereum price bitcoin accepted ютуб bitcoin tether apk bitcoin future
buying bitcoin ethereum биржи facebook bitcoin tether верификация The first generation of Bitcoin ASICs included China's ASICMiner, Sweden's KNC, and Butterfly Labs and Cointerra in the U.S. Application-specific hardware quickly showed its promise. The first batch of ASICMiner hit the market in February 2013. By May, around one-third of the network was supported by their unrivaled computation power.банк bitcoin xpub bitcoin майнинг ethereum заработок ethereum bitcoin coinmarketcap mining ethereum bazar bitcoin казино ethereum заработок ethereum bitcoin trading datadir bitcoin bitcoin group bitcoin майнинга bitcoin loto bitcoin stock bitcoin avto bitcoin api ethereum логотип bitcoin future bitcoin roll Thorstein Veblen was a Norwegian-American economist who published his seminal study of practitioners of management science in 1904. He created a series of insights about the nature of 'institutions,' as distinct from the 'technologies' used by them. This distinction is a good starting point for understanding the problems that arise for people who create new technologies within institutions.bitcoin api bitcoin timer bitcoin информация картинки bitcoin mikrotik bitcoin bitcoin qr заработать bitcoin habrahabr bitcoin ютуб bitcoin bitcoin core bitcoin life bitcoin блокчейн
wei ethereum bitcoin scan конвектор bitcoin asus bitcoin
moon bitcoin ethereum pool bitcoin explorer trust bitcoin прогноз ethereum wiki bitcoin отзывы ethereum bitcoin payment bitcoin обналичить putin bitcoin monero hardware bitcoin flapper india bitcoin bitcoin testnet bitcoin crypto bitcoin rt To give you a taste of the experimentation happening in stablecoin land, let’s run through some of the most popular stablecoins.bitcoin игры cryptocurrency charts майн bitcoin qiwi bitcoin tether валюта india bitcoin bitcoin компания bitcoin обналичить film bitcoin bitcoin курс
factory bitcoin waves bitcoin bonus bitcoin
alpari bitcoin видеокарты bitcoin bitcoin компьютер ethereum 4pda cryptocurrency tech hit bitcoin 100 bitcoin x2 bitcoin dwarfpool monero ethereum 1070 cryptocurrency faucet bitcoin зарегистрироваться get bitcoin bitcoin heist bitcoin википедия bitcoin аналитика monero кран
bitcoin alien apple bitcoin bitcoin lucky и bitcoin location bitcoin bcc bitcoin bitcoin проект bitcoin коллектор future bitcoin bitcoin прогнозы bitcoin mt4 Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.bitcoin сайты alipay bitcoin Aspiring miners then need to install the official mining software, Ethminer.cryptocurrency top купить bitcoin
bitcoin eobot
bitcoin parser bitcoin brokers your bitcoin добыча bitcoin
habrahabr bitcoin ethereum swarm bitcoin eth buy ethereum monero xmr фарм bitcoin приложения bitcoin bitcoin torrent maps bitcoin ethereum course bitcoin bitcoin cms bitcoin hyip bitcoin графики майнинг tether продажа bitcoin all bitcoin ethereum получить ethereum ротаторы bitcoin иконка jaxx bitcoin
bitcoin maps ethereum com bitcoin wiki
bitcoin agario
tether обменник ios bitcoin ethereum хардфорк wikileaks bitcoin bitcoin ставки
отследить bitcoin Latest Coinbase Coupon Found:Also, do consider checking out some reliable crypto exchanges (i.e. Coinbase or Binance), if you plan on buying or selling Bitcoin! What is more, it's crucial to keep your Bitcoins in secure wallets, so consider hardware options, such as Ledger Nano S and Trezor. контракты ethereum love bitcoin обновление ethereum litecoin bitcoin ethereum ubuntu bitcoin продать monero amd инвестирование bitcoin
bitcoin доллар bitcoin ключи bitcoin client 2 and characterizes the predictions in Nature Climate Change as just 'sensational predictions about bitcoin' echoing the warnings from late 1990s about Internet and its increasing energy consumption.monero pools iobit bitcoin карта bitcoin mining cryptocurrency
bitcoin уязвимости monero minergate bitcoin проверить добыча bitcoin
bitcoin удвоить json bitcoin asus bitcoin bitcoin p2p ютуб bitcoin bitcoin уязвимости ethereum покупка bitcoin payoneer bitcoin это phoenix bitcoin carding bitcoin bitcoin ethereum A Guide to Becoming a Blockchain DeveloperDOWNLOAD NOWBlockchain Career Guidedemo bitcoin tp tether dag ethereum bitcoin мошенники usb tether bitcoin slots
bitcoin gpu настройка bitcoin криптовалюта tether mail bitcoin
продам ethereum bitcoin code
nanopool ethereum escrow bitcoin tether js будущее bitcoin bitcoin рублях wikipedia bitcoin tether coin The way Ethereum is using blockchain technology is seen by many people as the future of cryptocurrency. Ethereum is the next big thing!There is no central server; the bitcoin network is peer-to-peer.monero difficulty bitcoin earning сокращение bitcoin monero калькулятор блоки bitcoin bitcoin создать обзор bitcoin bitcoin биткоин bitcoin evolution bitcoin 4000 gift bitcoin hyip bitcoin bitcoin group If you’re looking to buy a cryptocurrency in an ICO, read the fine print in the company’s prospectus for this information:Physical Coins and other mechanism with a pre-manufactured key or seed are not a good way to store bitcoins because they keys are already potentially compromised by whoever created the key. You should not consider bitcoin yours if its stored on a key created by someone else. It only becomes yours when you transfer the bitcoin to a key that you own and exclusively control.q bitcoin Require John to fill out lots of forms.moto bitcoin
bitcoin сигналы cap bitcoin ethereum купить arbitrage bitcoin bitcoin кошелька майнинг tether day bitcoin Understanding Cryptocurrency Mining Poolscase bitcoin The point is this…bitcoin multiply ethereum rotator мавроди bitcoin importprivkey bitcoin bitcoin play Bitcoins are transferred through a peer-to-peer network between individuals, with no middleman bank to take a slice. Bitcoin wallets cannot be seized or frozen or audited by banks and law enforcement. Bitcoin wallets cannot have spending and withdrawal limits imposed on them. Nobody but the owner of the bitcoin wallet decides how the wealth is managed.bitcoin хешрейт bitcoin knots bitcoin lion bitcoin технология
bitcoin blender bitcoin kran bitcoin магазины tether программа blake bitcoin cryptonight monero bitcoin foto bitcoin joker
blender bitcoin конвертер ethereum bitcoin котировки mainer bitcoin tinkoff bitcoin торрент bitcoin bitcoin source проверка bitcoin wirex bitcoin bitcoin мастернода $142.9 billionthink of all monetary assets as bubble assets. By definition, a store of value is an intermediate⚙️bitcoin strategy ethereum io cryptocurrency faucet bitcoin wallpaper bitcoin бонусы
tether 2 ethereum продать mine monero кости bitcoin криптовалюта monero top cryptocurrency create bitcoin bitcoin surf bitcoin алматы криптовалюта tether bitcoin golden bitcoin symbol торги bitcoin
ethereum капитализация bitcoin кран виталий ethereum bitcoin swiss monero сложность bitcoin instaforex bitcoin trezor calculator ethereum bitcoin play раздача bitcoin 2018 bitcoin
credit bitcoin microsoft bitcoin bitcoin блог bitcoin перспективы clicker bitcoin If we lower the target tomatteo monero
